7 COMMON SCENARIOS THAT CAN HAPPEN TO A FOR SALE BY OWNER

Think you’re prepared to sell by yourself? If you can’t answer these questions, you’d better get a REALTOR who can!

You have a contract on your home. On the last day of the inspection period, the buyers finally do their inspection. At 7 P.M. they ask you to re-roof via fax. You arrive home from an important meeting at 10 P.M. and find the request. At midnight, the contract will become void because only ten days were allotted for inspections in your contract. By delaying the inspections, you feel the buyers are trying to pressure you into doing whatever they ask. What do you do? (This is not an uncommon occurrence. Dave can suggest four solutions.)

On the 15 th day after your contract was signed, the buyers inform you that they want out of the deal because they can’t get financing. They only had 14 days to back out for this reason, per the contract. Your home has now been off the market for over 2 weeks and the ad you placed only ran 2 of the 12 days you paid for because you thought you had the home sold. Can you force the buyers to perform? What happens next? (This is also common. Dave knows what to do now, and how to prevent it in the first place.)

A local real estate salesperson has told you that he has a very interested buyer. He has told you the minimum fee he can legally charge due to the circumstances is 3% (half of 6%), that you cannot have representation because his client is unwilling to allow dual agency, and that you, the seller, has to pay his commission. How much of this is true? (Everything about this statement is false and the agent has committed a crime. Dave can explain.)

A caller tells you he is going to submit an offer on another FOR SALE BY OWNER this Saturday, but he might reconsider if he likes your house as much as he likes your price. The only times this buyer can see your home are times that will not work for you and your family. How will you juggle your schedules to accommodate this buyer (who may or may not even be financially able to buy)? Or will you simply have to hope his other offer is rejected? (Dave shows property for a living and is almost always available. Also, he believes in qualifying buyers before showing his seller’s homes.)

True or False: Since you are not involving a real estate agent in the sale of your home, you do not have to fill out a lead paint addendum’ disclosing lead based paint hazards to potential buyers. (Regardless of agent involvement, certain home owners are required by federal law to fill one out. Certain local financing that could help you sell your house depends on knowing about lead paint. Dave knows the applicable rules.)

You have moved out of the home you are selling FOR SALE BY OWNER. The house is under contract, with the closing date set for the 31 st . The buyer informs you that the only day she can get movers is the 20 th . She asks to move in on that day and still close on the 31st . She volunteers to pay rent from that day until the closing. Since you’re making double payments, you want to do it. Name four potential disasters that can happen if you improperly write this agreement. (Possession prior to close is not that unusual, especially in a case where a buyer has to close on their house before they can buy another. Dave has the experience to make this go smoothly.)

A potential buyer has made an offer on your home. You’ve decided to counter. They have asked for the proverbial sun, moon, and stars. They’re hoping you’ll give up the stars, but they’re not that interested in the sun and the moon even though they’re worth more to you. Have you had enough conversation with the buyer to know what the stars are? (Negotiations can be very tricky. Asking the right questions can mean the difference between an offer and a contract. Dave knows the questions that make the difference.)